The IBM Global Entrepreneurship program has announced the three winning teams that would secure funding during the Fintech Venture Launchpad Demo Day last week.
WaveX, Docswallet and uHONCHO would receive up to USD 120,000 ( AED 440,400) worth of IBM Cloud credit to develop their applications. In addition to that, the three best teams would get business mentorship and access to industry gurus from IBM. They would also enjoy on-the-go market support and exposure to the IBM’s marketing materials, brochures, websites, and presentations.
WaveX secured the first place. The fintech startup aims to help the UAE in transforming from an oil-based economy to an energy-exporting nation.
The runner-up Docswallet combined the technological advancement in the area of digital identity and electronic signatures to enable daily government operations online.
The second runner-up uHONCHO was a platform focused on freelancers. It would help them manage their daily workflow and financial performance.
The IBM initiative attracted over 200 teams from the UAE and all around the world. The selected applicants had attended a ten-day intensive program, focused on early-stage startups. This year’s edition was focused on fintech. According to the event organizers, Abu Dhabi is a future fintech hub, climbing to the 25th position worldwide in the Global Financial Center Index. Wamda, the platform of programs and networks aiming to foster entrepreneurship across MENA said that two-thirds of the 250 fintech companies operating by 2020 would offer financial services such as lending, capital raising, and payment options.